Praise well-built gay prince (9)
I believe the answer is:
panegyric
'praise well' is the definition.
'panegyric' can be an answer for 'praise' (thesaurus). I'm not sure about the 'well' bit.
'built gay prince' is the wordplay.
'built' indicates an anagram (the same letters can be used to build the answer).
'gay'+'prince'='gayprince'
'gayprince' is an anagram of 'PANEGYRIC'.
Can you help me to learn more?
(Other definitions for panegyric that I've seen before include "Laudatory address" , "Speech or piece of writing praising person" , "Eulogy" , "encomium" , "words of tribute" .)